DLA Piper advises Varvara Development Group on US$30 million gold project acquisition

DLA Piper Canada has advised BC-based mineral exploration company Varvara Development Group Ltd. (Vavara) on its US$30 million acquisition of a Romanian gold project and related assets from Eldorado Gold Corporation (Eldorado), a leading Canadian gold producer with mining, development and exploration operations in Türkiye, Canada and Greece.‎ In connection with the completion of the transaction, approximately $15 million in escrow proceeds were released to Varvara in order to permit advancement of exploration and development.

Varvara and Eldorado had previously entered into a definitive share purchase agreement in which O Rei would acquire the gold project and all related assets on May 14, 2025.

The DLA Piper Canada deal team in this transaction was led by Partner Denis Silva and ‎included Brendan Smith, Vijay Dhillon, Douglas Shields, Alan Monk, and Jamey Gilchrist.‎

“We are pleased to have advised Varvara on this important acquisition,” said Denis. “The transaction represents a significant milestone for Varvara and reflects a balanced and forward-looking approach that supports the company’s long-term development objectives and future growth. We congratulate all parties involved on a successful closing.”